South Korean stocks closed markedly lower Wednesday on worries over higher borrowing rates ahead of the release of the Federal Reserve's latest minutes. The local currency lost ground against the US dollar.
The benchmark Korea Composite Stock Price Index shed 41.28 points, or 1.68 percent, to close at 2,417.68.
Trading volume was moderate at 414.1 million shares worth 8.19 trillion won ($6.28 billion), with losers far outpacing gainers 757 to 147.
Institutions and foreign investors combined sold off a net 928.14 billion won worth of shares, while retail investors bought a net 887.3 billion won.
Wall Street dropped overnight as investor sentiment was hurt by the prospect that the Fed might keep rates elevated for longer than feared to tame stubborn inflation.
The Fed is scheduled to release its latest minutes on Wednesday, which could provide clues about the US monetary tightening policy down the road.
In Seoul, most top-cap shares finished down.
Market bellwether Samsung Electronics shed 1.61 percent to close at 61,100 won, and chip giant SK hynix declined 2.3 percent to 89,100 won.
Leading battery maker LG Energy Solution declined 2.31 percent to 508,000 won, and LG Chem shed 3.06 percent to 666,000 won. Samsung Biologics lost 1.5 percent to 788,000 won, and Celltrion fell 3.75 percent to 149,000 won.
Top automaker Hyundai Motor went down 2.24 percent to 174,200 won, and its affiliate Kia shed 2.74 percent to 74,500 won.
The local currency ended at 1,304.9 won against the US dollar, down 9 won from the previous session's close, surpassing the 1,300 won mark for the first time since Dec. 19. (Yonhap)
